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Real estate breach of contract lawsuit filed over resource lease

Florida businesses understand that real estate transactions of any nature can be extremely complex. From a simple home sale to a complex commercial business transaction, the range of issues is great but the risks are equally ever present. Despite the best attempts at defining clear contracts and terms, contract disputes can arise at any time.

Representatives of a Texas estate that sold property in 2012 have recently filed a lawsuit against the two buyers as well as the title company involved. In all, they are seeking damages to cover court and attorney fees, repair costs, interest and other out-of-pocket expenses. The suit focuses on an alleged breach of contract. Additional allegations include negligence, unjust enrichment and deceptive business practices. The total dollar value of damages sought is not known.

Property was sold in June of 2012 with a reported addendum that allowed a reservation for resources that included gas, minerals and oils. That same summer, in August of 2012, the buyers entered into a contract with a company which has been paying them royalties. The plaintiffs allege that the buyers have been non-responsive in attempts to settle the dispute. They also assert that the title company failed to properly disclose important terms during the transaction.

Few other details are known about this case at this time but it is clear that the real estate contract in question will be reviewed in depth during the suit. Companies who are presented with litigation over a contract dispute will want to ensure they have the right representation and help during what can be an arduous process.

Source: Southeast Texas Record, “Title company, couple named in breach of contract claim over oil and gas lease,” Ben Hart, June 9, 2014

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